EEFC

What's in store for you

More benefits than ever before

Exclusive Benefits

  • Preferential rates at the time of conversion, for more savings on costs

  • Open your EEFC account in multiple currencies

  • Retain foreign exchange earnings in the currency you receive the funds 

  • The Current a/c will be opened with “zero” Initial pay-in

  • Track funds through monthly statements.

Additional Benefits

Eligibility Criteria 

  • All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may open EEFC accounts. These are non-interest bearing current account
Exchange Earners Foreign Currency Account

Documents required to get you started

The documents required to open a Current Account may vary depending on the kind of business you own and the kind of Current Account you wish to open. Please go through the documents required before beginning your application process 

Address proof (Common to all Current Account Types) 

  • Passport 

  • Permanent Driving license  

  • Election/Voter ID card issued  

  • Aadhaar card  

  • NREGA Job card signed by an officer of the State Government 

  • Letter issued by the National Population Register containing details of name & address 

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Sole Trading Proprietorships

Category A (government issued documents) 

License / registration certificate issued, in the name of the entity, by / under: 

  • Municipal authorities such as Shop & Establishment certificate / Trade License 

  • Registering authority in the name of practicing firm like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India, 

  • Indian Medical Council 

  • Food and Drug Control Authorities 

Category B (other documents) 

  • Latest Professional Tax / GST Returns filed in name of firm, duly acknowledged. Profession Tax/GST Returns cannot not be accepted along with registration certificate under respective acts e.g. Professional Tax/GST Return cannot be accepted with Professional Tax /GST Registration Certificate). 

  • TAN Allotment Letter, in name of firm / proprietor (subject to firm’s name appearing in address) or TAN registration details (available online). 

  • Bank account statement, in the name of firm, for last six months with satisfactory operations subject to obtaining IP cheque from the same account provided this account is maintained with a Nationalized / private / foreign bank or Regional Rural / Cooperative Banks (for customers in rural / village areas). This document cannot be accompanied with ITR as Category A document. 

  • Certificate issued by a Chartered / Cost Accountant (as per Annexure – G) confirming existence of the firm, containing name and address of firm along with name of the proprietor. The name of Chartered / Cost Accountant to be validated from chartered / cost accountants’ directory. In case Certificate has been issued by Chartered Accountant, certificate to contain UDIN number which needs to be verified by the Branch in ICAI website and attach printout of verification carried out. 

*Note* This is only indicative list.

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Limited Liability Partnerships

  • Incorporation Document, Limited Liability Partnership Agreement 

  • Certificate of Incorporation 

  • List of all existing Designated Partners of LLP along with Designated Partner Identification Number (DPIN) issued by the Central Government 

  • Resolution passed at the meeting of Designated Partners for the particular relationship, which the LLP plans to have with the bank 

  • KYC of Designated Partners/Authorised Signatories 

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Private Limited Company

  • Memorandum of Association (MOA) 

  • Articles of Association (AOA) 

  • Certificate of Incorporation 

  • Latest list of directors duly signed by any Director/Company Secretary /Authorised Signatory 

  • Board Resolution (BR) duly signed by the directors of the company 

  • INC-21 and INC-20A will be required as applicable 

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Limited Companies

  • Passport  

  • MAPIN card [issued by NSDL] 

  • PAN card 

  • Election /Voter’s card + Self-signed cheque drawn on Nationalized/Private Sector/ Foreign Banks 

Photo ID card issued by: 

  • Central Government or any of its Ministries. 

  • Statutory / Regulatory authorities 

  • State Govt. or any of its Ministries 

  • Public Sector Undertaking (established under GOI or State Govt.) 

  • State Govt. of J&K1 

  • Bar council 

  • Senior Citizen card issued by State/Central Govt. 

  • Govt. of India to Persons of Indian Origin [PIO card] 

  • Defence Dept. / Ministry of defence for Defence personnel & their dependents 

  • Public Financial institutions / Public sector banks 

  • Permanent Driving license [not expired] - subject to being accompanied by a Self-signed cheque drawn on  

  • Nationalised/ Private Sector / Foreign Banks 

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Know more about Exchange Earners Foreign Current Account

You can open an EEFC account in the following currencies:

  • United States Dollar( USD )

  • European Union ( EUR )

  • Great Britan Pound ( GBP )

  • Japanese Yean ( JPY )

  • Swiss Franc (CHF )

  • Singapore Dollar ( SGD )

  • Canadian Dollar (CAD ) 

  •  Australian Dollar ( AUD )

  • United Arab Emirates Dirham ( AED )

  • New Zealand Dollar ( NZD )

  •  Swedish Kroner ( SEK )

  • Saudi Riyal ( SAR )

  • Hong Kong Dollar ( HKD )

  • Thai Baht (THB )

  • Kuwaiti Dinar (KWD ) 

  • Norwegian Krone (NOK )

  • South African Rand (ZAR )

  • Denmark Krone ( DKK)

  • Korean Won ( KRW)

  • Russian Ruble ( RUB )

  • Chinese yuan ( CNH)

 

 

RBI guidelines about mandatory balance conversions: In accordance with Reserve Bank of India's circular no. A. P. (DIR Series) Circular No. 12 dated 31st of July 2012, the balances outstanding in all EEFC / Diamond Dollar Account (DDA) and RFC (D) accounts as on last day of a Current month, shall be converted into Rupees by the Bank on the last working day of the succeeding month, if such balance is not utilised by the account holder before the last day of succeeding month. Such mandatory conversion by the bank on the last working day of the succeeding month will be done at the prevailing TT buying card rate.In case, the customer has booked Forward Contract/s for conversion of balances in these accounts at a future date which is falling beyond the last day of the succeeding month, such contracted amount shall be deducted from the eligible amount for the mandatory conversion.In case the customer has any payment to be made in the future from these accounts beyond the last day of the succeeding month then bank should be duly informed before 25th of the succeeding month in writing through Relationship Manager / Branch Manager for holding back the conversion to that extent. The customer needs to submit the underlying documents of such future transaction/s. This will be an on-going procedure till we receive revised instructions from Reserve Bank of India. * Conditions Apply

Frequently Asked Questions

Exchange Earner’s Foreign Currency Account (EEFC) is an account maintained in foreign currency with an Authorized Dealer i.e., a bank dealing in foreign exchange. Any person who is a resident of India can open an EEFC a/c. This account is generally opened by Exporter or Service providers, anyone who is a foreign exchange earner.

100% foreign exchange earnings can be credited to the EEFC account subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes as per the permissible debits and credits or forward commitments. The EEFC account allows you to convert these earnings into Indian Rupees at preferential rates. 

The HDFC Bank EEFC account supports 21 currencies, including USD, EUR, GBP, JPY, CHF, SGD, CAD, AUD, AED, NZD, SEK, SAR, HKD, THB, KWD, NOK, ZAR, DKK, KRW, RUB, and CNH.

HDFC Bank Exchange Earners Foreign Currency Account offers various benefits such as the ability to hold foreign currency earnings, which can be converted to Indian Rupees at a favourable exchange rate. This account helps in managing foreign currency transactions efficiently, simplifying international trade and minimizing exchange rate risks.